The latest Bitfinex-Tether fiasco caused a stir in the cryptocurrency community after the New York Attorney General’s [NYAG] office issued a lawsuit against Tether Limited, the issuer of the USDT token, and leading crypto exchange, Bitfinex.
The CEO of the Palo Alto-based crypto-custody provider BitGo, Mike Belshe, is in the news after he expressed his views on the whole episode. He suggested that the death of the exchange and the stablecoin will prove advantageous for the crypto-industry in the future. He tweeted,
“The @Tether_to and @bitfinex death will ultimately be a massive boon to digital assets and cryptocurrency. Whatever the short term impact, this will help digital assets move to the next level.”
John Carvalho, who has been one of the most vocal crypto-personalities in the space, lashed out at Belshe and responded that the CEO’s tweet is a reflection of the “regression to the centralized banking paradigm” that the largest crypto-asset, Bitcoin [BTC], is fighting.
Taking a jibe at Belshe, the Bitcoin maximalist tweeted,
“The leader of one of the most dangerous companies in Bitcoin wants Bitfinex & Tether dead.”
The latest scandal has led to many in the crypto community turning skeptical about the future of the industry. The exchange platform is still believed to be in Tether’s debt. According to reports, Bitfinex is planning to raise $1 billion through an IEO and token sale.
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